ES short term trading 1-28-11

If you refer to yesterdays 9:16 post showing the projection off of the low, and the 9:36 post also i refer to the 1298.50 level.. it should come as no surprise that once again we just made a marginal new high at 1298.50 .. currently short from 1298.25 trying for 1295.50.... beyond that,my analysis of the last few days and weeks APPEARS TO BE IN FORCE, SO I WONT RE- HASH IT TODAY. The upper channel line i showed yesterday looks to be around 1301.50 currently. Still looking for sideways to up thru tues next week!

three reasons.....

1) AM DONE FOR TODAY AND GIVING MY KIDS LUNCH
2) i DON'T LIKE THAT 12:30 CLOSE
3) i NEED A BREAK

i DIDN'T Really say what I believed, I said what some will believe.....I would be a bit confused in here if I wasn't long already...I expect some back and forth trade after the trend move so I'd be sitting out anyway...my specialty is mornings...

Hope that makes sense....we can have ideas of what some of the players think but we can't always find ways to get there...

Originally posted by koolblue

Originally posted by BruceM

I agree...some will look at trading on both sides of the MOnday - Tuesday range as a Neutral week...Like we do with the 60 minute IB.......so the midpoint of the weekly range shows up right there at the numbers you say....and others will want it to close on the lows or highs.....

Originally posted by johnpr2010

Someone believe if we are going to 84 or 87 area?

Bruce, just trying to learn here, not critique.. if you believein 1284 or even 1287, why arnt you looking to be long since the last 30 min bar made a higher high that the previous one ,etc? That would seem to be in the range of the trades you usually go after, especially if you got in ,say at 1277 or 1278,etc

sorry for the cap locks..I wasn't shouting at ya....

Originally posted by koolblue

Originally posted by koolblue

Id believe 1284.25... beyond that.. not sure yet

(from one min initial move 1272.50 to 1277.
00=4.5 and 4.5x 2.618=11.78 which added to 1272.50=1284.28 or 1284.25, but you better pray we get thru the 1.618 first!... see above post!above post meaning the 12:13 one

see what i mean john?

LOL..your forgiven Bruce! Enjoy your weekend! (ps: i understand exactly what ur sayin!)

I can tell ya this though Koolio.....my confusion would be confirmed with that 1 pm close as it was above the 77 number but right at the weekly open.....

So if I was long I would have wanted to see closes way above both...

Much easier to eat lunch then trade..

Originally posted by BruceM

I can tell ya this though Koolio.....my confusion would be confirmed with that 1 pm close as it was above the 77 number but right at the weekly open.....

So if I was long I would have wanted to see closes way above both...

Much easier to eat lunch then trade..

yeah , true that! i almost sold 1279.50, missed by a tick, then almost went long a second ago at 1274.00 but passed... having a good week and up today and dont want to blow it!

The thing that makes these counter trend trades high risk is that we created an Outside bar to the downside today that took out the Monday - Thursday highs first this morning and then took out the lows second...on big volume...on just one day of trading...the whole range of the week has been engulfed so far to the downside

Note it stops at the 1.618 (actually short a tick... giving a clue?) but goes to the 2.618 on the downside?

As i stated earlier .. at least for me ,1272.50 IS NOT likely the end of this surprising (to me anyway) move..

A PICTURE IS WORTH A THOUSAND WORDS...I thought your chart looked "clean"..thanks for posting it